It literally translates to "It is not truth," but it's used more like the English phrase "It is not true."
Here are some examples of how to use it in a sentence:
* "No es verdad que él sea rico." (It's not true that he's rich.)
* "No es verdad lo que dijo." (What he said is not true.)
* "¿Es verdad que te vas a mudar?" "No es verdad." ("Is it true that you're moving?" "It's not true.")